Enterprise Singapore Board Act 2018

Enterprise Singapore Board
Act 2018

2020 REVISED EDITION

This revised edition incorporates all amendments up to and including 1 December 2021 and comes into operation on 31 December 2021

An Act to establish the Enterprise Singapore Board and to make consequential and related amendments to certain other Acts.

[1 April 2018: Except sections 64, 65, 67(2) and 70 ;

2 April 2018: Sections 64 and 65 ]

PART 1

PRELIMINARY

Short title and commencement

1.—(1)  This Act is the Enterprise Singapore Board Act 2018.

(2)  Sections 67(2) and 70 come into operation on a date that the Minister appoints by notification in the Gazette.

Interpretation

2.  In this Act, unless the context otherwise requires —

“accreditation mark” means an accreditation mark specified by the Board under section 6(2)(i)(iv);

“Board” means the Enterprise Singapore Board established by section 3;

“certification mark” means a certification mark specified by the Board under section 6(2)(i)(iv);

“Chairperson” means the individual appointed under section 12(1)(a) as the Chairperson of the Board, and includes any individual appointed under section 14 to act in that capacity;

“Chief Executive” means the Chief Executive of the Board, and includes any individual acting in that capacity;

“company” means a body corporate and (to avoid doubt) includes a VCC;

[S 26/2022 wef 13/01/2022]

“Deputy Chairperson” means the Deputy Chairperson of the Board appointed under section 12(1)(b);

“document” includes any device or medium on which information is recorded or stored;

“function”, in relation to the Board, means a function conferred on the Board by or under this Act or any other Act;

“goods” means any movable property, and includes any commodity, fish, livestock or plant;

“inspector” means an inspector appointed under section 33;

“International Enterprise Singapore Board” means the International Enterprise Singapore Board established by the International Enterprise Singapore Board Act (Cap. 143B, 2002 Revised Edition) repealed by this Act;

“officer”, in relation to the Board, means an employee of the Board and includes an individual under a secondment arrangement which makes available the service of the individual to the Board;

“process” means one or more related or interacting activities that use inputs to deliver an intended result, and includes any test method;

“product” means any output, tangible or intangible, that results from a process, and includes any goods, material, service, terminology or management system;

“public authority” means a body established or constituted by or under a public Act to perform or discharge a public function;

“registering authority” means any authority competent under any written law to register a company, firm or other body of persons, or a trade mark or design;

“Singapore Rubber Fund” means the Singapore Rubber Fund as defined in the Rubber Industry Act 1992;

“Singapore Standard” means a standard established by the Board under section 6(2)(i)(iii);

“standard” means a definition, classification, description, requirement, specification, guideline or characteristic, by reference to which a product or process is assessed to be fit for its purpose;

“Standards, Productivity and Innovation Board” means the Standards, Productivity and Innovation Board established by the Standards, Productivity and Innovation Board Act (Cap. 303A, 2002 Revised Edition) repealed by this Act;

“trade mark” has the meaning given by the Trade Marks Act 1998;

[S 26/2022 wef 13/01/2022]

“VCC” has the meaning given by section 2(1) of the Variable Capital Companies Act 2018.

[S 26/2022 wef 13/01/2022]

PART 2

ESTABLISHMENT, FUNCTIONS AND POWERS OF BOARD

Enterprise Singapore Board

3.  A body called the Enterprise Singapore Board is established by this section.

Board is body corporate

4.—(1)  The Board —

(a) is a body corporate with perpetual succession;

(b) may acquire, hold and dispose of real and personal property; and

(c) may sue and be sued in its corporate name.

(2)  The Board may use and operate under the trading name of “Enterprise Singapore”, “ESG” and such other trading names approved by the Minister.

(3)  The Board must cause notice of every trading name approved under subsection (2) to be published in the Gazette; but failure to do so does not invalidate the approval or use of that name.

Functions of Board

5.—(1)  The Board has the following functions:

(a) to enable Singapore‑based enterprises and other enterprises requiring assistance to create and expand their businesses in domestic and foreign markets;

(b) to enhance the business environment in Singapore and Singapore’s global and regional connectivity, for Singapore‑based enterprises to create and expand their businesses in foreign markets;

(c) to promote and facilitate trading in any goods, or derivatives contracts in respect of one or more commodities;

(d) in relation to commodity trade and industry —

(i) to regulate the rubber trade and industry;

(ii) to regulate spot commodity trading; and

(iii) to promote, develop and maintain the commodity trade and industry in Singapore, including any market involving derivatives contracts in respect of one or more commodities;

(e) to serve as the national productivity, innovation, standards and accreditation body, which seeks to raise total factor productivity and improve Singapore’s competitiveness;

(f) [Deleted by Act 13 of 2025 wef 01/07/2025]

(g) to cooperate and collaborate with the SkillsFuture Singapore Agency established by section 3 of the SkillsFuture Singapore Agency Act 2016, and the Workforce Singapore Agency established by section 3 of the Workforce Singapore Agency Act 2003, in the discharge of their respective functions under those Acts;

(h) to represent Singapore internationally in matters relating to —

(i) trade; and

(ii) productivity, innovation, standards, accreditation and conformity assessment;

(i) to advise and assist the Government, any public authority or any industrial, commercial, trading or other organisation, on matters relating to —

(i) the development or regulation of trade, including commodity trade and industry, and to act as agent for the Government or for any person, body or organisation on such matters; and

(ii) productivity, innovation, standards and accreditation;

(j) to perform such other functions as may be conferred on the Board by or under any other Act.

(2)  In performing the functions conferred on the Board by subsection (1), the Board must have regard to the policies and directions of the Research, Innovation and Enterprise Council established by the National Research Fund Act 2006.

(3)  The Board may also undertake such other functions as the Minister may, by notification in the Gazette, assign to the Board, and in so undertaking —

(a) the Board is deemed to be fulfilling the purposes of this Act; and

(b) the provisions of this Act apply to the Board in respect of those other functions.

(4)  Nothing in this section imposes on the Board, directly or indirectly, any form of duty or liability enforceable by proceedings before any court to which the Board would not otherwise be subject.

Powers of Board

6.—(1)  The Board has power to do all things necessary or expedient to enable the Board to carry out its functions.

(2)  Without limiting subsection (1), the powers of the Board include the following:

(a) in relation to enterprise development —

(i) to enhance the skills, capacity and resources of Singapore‑based and other enterprises;

(ii) to provide technical and consultancy services;

(iii) to facilitate access by the enterprises to departments of the Government or any public authority, or to a foreign government or foreign authority;

(iv) to organise and participate in any trade exhibition, trade fair and trade mission; and

(v) to foster connections among Singapore‑based enterprises and between Singapore‑based enterprises and foreign enterprises, associations and agencies;

(b) to establish and maintain offices or facilities in Singapore or overseas;

(c) to collect, compile and analyse information, or commission surveys, research or studies relating to its functions;

(d) to collect, compile and analyse particulars and information provided under the Regulation of Imports and Exports Act 1995 or any regulations made under that Act;

(e) to establish and administer any scheme or programme relating to its functions;

(f) to administer and regulate the establishment of representative offices in Singapore by foreign persons;

(g) to enter into memoranda of understanding or other similar arrangements with any person in or outside Singapore for the purpose of discharging any of its functions;

(h) to be a member or an affiliate of any international body the functions, objects or duties of which are similar to the functions of the Board;

(i) in relation to standards, certification and accreditation —

(i) to assess materials, products, processes or persons for the purposes of certification, accreditation or conformity assessment;

(ii) to accredit, appoint, authorise or recognise any person that performs testing and certification, or conformity assessment, and to regulate the practice of such persons;

(iii) to establish and publish, by notification in the Gazette, the Singapore Standard in relation to any product or process;

(iv) to specify, by notification in the Gazette, accreditation marks and certification marks of the Board and control the use of such accreditation marks or certification marks;

(v) to administer the national standardisation programme and to facilitate the participation of Singapore in international standardisation activities;

(j) to form or join in the formation of a company, association, trust or partnership or enter into a joint venture with any person —

(i) for the purposes of discharging any of the Board’s functions; or

(ii) with the approval of the Minister, for any other purpose approved by the Minister;

(k) to acquire or dispose of any property, movable or immovable, and to use any such property, including mortgaging it;

(l) to apply for, obtain and hold any intellectual property rights, and enter into agreements or arrangements for the commercial exploitation of those intellectual property rights;

(m) to act as agent for the Government or, with the approval of the Government, for any other person in the transaction of any business for the Government or that other person;

(n) to grant loans, provide training and award scholarships to officers of the Board, and to provide facilities for their welfare;

(o) to do anything incidental to any of its powers.

(3)  To avoid doubt, subsections (1) and (2) do not limit any other power conferred on the Board by any other provision in this Act or by or under any other Act.

Directions of Minister, etc.

7.—(1)  The Minister may give to the Board any direction under section 5 of the Public Sector (Governance) Act 2018.

(2)  Without limiting subsection (1), the Minister may give such directions to the Board as are necessary in the circumstances if it appears to the Minister to be requisite or expedient to do so —

(a) in the interests of relations with the government of another country; or

(b) in order to —

(i) discharge or facilitate the discharge of an obligation binding on the Government by virtue of it being a member of an international organisation or a party to an international agreement;

(ii) attain or facilitate the attainment of any other object the attainment of which is in the Minister’s opinion requisite or expedient in view of the Government being a member of such an organisation or a party to such an agreement; or

(iii) enable the Government to become a member of such an organisation or a party to such an agreement.

(3)  To avoid doubt, the Minister is entitled —

(a) to information in the possession of the Board; and

(b) where the information is in or on a document, to have, and make and retain copies of, that document.

(4)  For the purposes of this section, the Minister may request the Board —

(a) to provide information to the Minister; or

(b) to give the Minister access to information.

(5)  The Board must give effect to any direction given to it under subsection (1) or (2) and must comply with a request under subsection (4).

(6)  The Board must not disclose any direction given to it under this section if the Minister notifies the Board that, in the Minister’s opinion, disclosure of the direction is against the public interest.

(7)  In this section, “information” means information specified, or of a description specified, by the Minister that relates to the functions of the Board.

Board’s symbols, etc.

8.—(1)  The Board has the exclusive right to the use of one or more symbols or representations as the Board may select or devise (each called in this section the Board’s symbol or representation), and to display or exhibit those symbols or representations in connection with the Board’s activities or affairs.

(2)  A person who —

(a) uses, without the prior written permission of the Board, a symbol or representation that is identical to the Board’s symbol or representation; or

(b) uses a symbol or representation that so resembles the Board’s symbol or representation as to deceive or cause confusion, or to be likely to deceive or cause confusion,

shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 6 months or to both.

PART 3

CONSTITUTION AND MEMBERSHIP OF BOARD

Division 1 — Appointment, resignation and removal

Membership of Board

9.—(1)  The Board consists of at least 8 members.

(2)  One of the members (who is not the Chairperson) may be the Chief Executive.

Appointment of Board members

10.—(1)  Each member of the Board must be appointed by the Minister.

(2)  Every appointment must be made by instrument in writing given to the member.

(3)  The instrument must state —

(a) the term of the appointment; and

(b) the date the appointment takes effect (which must not be a date earlier than the date the member receives the instrument).

Membership disqualification

11.—(1)  In appointing members of the Board, the Minister must have regard to whether the members of the Board will collectively possess the appropriate knowledge, skills and experience for the Board to perform its functions effectively.

(2)  However, the following individuals are disqualified to be or from being a member of the Board:

(a) an undischarged bankrupt or an individual who has entered into a composition with any of his or her creditors;

(b) a Judge or judicial officer;

(c) an individual who has been sentenced to imprisonment for a term of 6 months or more, and has not received a free pardon;

(d) an individual who is —

(i) disqualified under section 154(1) of the Companies Act 1967 from acting as a director, or taking part (whether directly or indirectly) in the management, of a company during the period of disqualification in that section;

[S 26/2022 wef 13/01/2022]

(ii) disqualified by a court order under section 149(1), 149A(1) or 154(2) of the Companies Act 1967 from being a director or in any way (whether directly or indirectly) being concerned in, or taking part in, the management of a company during the period of disqualification in the court order;

(iii) disqualified under section 58(1) of the Variable Capital Companies Act 2018 from acting as a director, or taking part (whether directly or indirectly) in the management of a VCC during the period of disqualification in that provision; or

[S 26/2022 wef 13/01/2022]

(iv) disqualified by a court order under section 56(1), 57(1) or 58(2) of the Variable Capital Companies Act 2018 from being a director or in any way (whether directly or indirectly) being concerned in, or taking part in, the management of a VCC during the period of disqualification in the court order;

[S 26/2022 wef 13/01/2022]

(e) an individual who lacks capacity in respect of his or her duties as a member, within the meaning of the Mental Capacity Act 2008, or in respect of whom an order is made under section 10 of the Mental Health (Care and Treatment) Act 2008.

(3)  In this section, “company” has the meaning given by section 4(1) of the Companies Act 1967.

[S 26/2022 wef 13/01/2022]

Chairperson and Deputy Chairperson

12.—(1)  The Minister may, by instrument in writing, appoint —

(a) a member (other than the Chief Executive) to be the Chairperson of the Board for the period specified in the instrument; and

(b) a member (other than the Chairperson) to be the Deputy Chairperson of the Board for the period specified in the instrument.

(2)  The Chairperson or Deputy Chairperson holds office until whichever of the following happens first:

(a) his or her term of office as Chairperson or Deputy Chairperson (as the case may be) expires;

(b) he or she ceases to hold office as a member of the Board;

(c) the Minister terminates his or her appointment as Chairperson or Deputy Chairperson (as the case may be).

(3)  Subject to section 14(1), the Deputy Chairperson has and may exercise all of the functions and powers of the Chairperson in relation to a matter if —

(a) the Chairperson is unavailable; or

(b) the Chairperson is interested (within the meaning given by Part 4 of the Public Sector (Governance) Act 2018) in the matter.

Premature vacancies

13.—(1)  If a premature vacancy occurs in the office of any member of the Board, the Minister may, subject to sections 9, 10 and 11, appoint an individual to fill the vacancy and hold that office for the remainder of the term for which the vacating member was appointed.

(2)  In this section, “premature vacancy”, for an office, means a vacancy that occurs in that office by virtue of section 20(1) or for any reason other than the expiry of the term of the office.

Acting Chairperson and members of Board

14.—(1)  The Minister may appoint an individual (other than the Chief Executive) to act temporarily as the Chairperson during any period, or during all periods, when the Chairperson is —

(a) absent from duty or Singapore; or

(b) for any reason, unable to perform the duties of the office.

(2)  The Minister may appoint an individual to act temporarily as a member of the Board (other than the Chairperson) during any period, or during all periods, when the member is —

(a) absent from duty or Singapore; or

(b) for any reason, unable to perform the duties of the office.

(3)  An individual is ineligible for appointment under this section to act as the Chairperson or a member of the Board if the individual is disqualified under section 11(2) for appointment as a member of the Board.

Removal of member of Board

15.—(1)  The Minister may, at any time and without giving any reason, remove a member of the Board from office.

(2)  Every removal under subsection (1) must be made by written notice given to the member with a copy to the Board.

(3)  The notice must state the date the removal takes effect, which must not be a date earlier than the date the member receives the notice.

Resignation from office

16.—(1)  A member of the Board may resign his or her office by written notice to the Minister (with a copy to the Board) signed by the member.

(2)  The resignation is effective when the notice in subsection (1) is received by the Minister or at any later time specified in the notice.

Validity of acts, etc.

17.—(1)  Despite section 33 of the Interpretation Act 1965, the exercise of any power or performance of any function by the Board is not affected merely because at the relevant time —

(a) there was a vacancy in the membership of the Board, including a vacancy arising from the failure to appoint a member;

(b) there was some defect or irregularity existing in the appointment or continuance in office of an individual purporting to be a member of the Board; or

(c) there was an irregularity in the Board’s decision‑making procedure that does not affect the merits of the decision made.

(2)  The acts of an individual as a member of the Board are not affected merely because —

(a) there was some defect or irregularity existing in the appointment or continuance in office of the individual purporting to be a member of the Board; or

(b) in the case of an individual acting in the capacity of the Chairperson, member or Chief Executive, the occasion for the individual so acting, or for his or her appointment, had not arisen or had ended.

Division 2 — Terms and conditions for members of Board

Term of appointment

18.—(1)  Subject to section 20, each member of the Board holds office for a period of 3 years or any shorter period specified in the instrument of appointment.

(2)  A member of the Board may be re‑appointed.

Remuneration, etc.

19.  The members of the Board may be paid, out of the funds of the Board, such salaries, fees and allowances as the Minister from time to time determines.

Vacation of office

20.—(1)  A member of the Board ceases to hold office if he or she —

(a) dies;

(b) is adjudicated a bankrupt or enters into a composition with any of his or her creditors;

(c) becomes otherwise disqualified from being a member under section 11(2);

(d) is removed from office in accordance with section 15;

(e) resigns in accordance with section 16;

(f) fails without reasonable cause to disclose any interest required under Division 1 of Part 4 of the Public Sector (Governance) Act 2018 and a notice is given under that Act to the Minister about that default;

(g) fails to attend 3 consecutive meetings of the Board without the approval of the Board; or

(h) is not re‑appointed when his or her term of office expires.

(2)  A member of the Board is not entitled to any compensation or other payment or benefit relating to his or her ceasing, for any reason, to hold office as a member.

Other terms and conditions

21.  The Minister may specify other terms and conditions of appointment of a member of the Board in the instrument of appointment.

PART 4

GOVERNANCE

Meetings of Board

22.—(1)  The Board must hold such meetings as are necessary for performing its functions.

(2)  The Chairperson must appoint the times and places of the meetings of the Board, and cause notice of those meetings to be given to each member of the Board not present when the appointment is made.

(3)  If the Chairperson receives a written request signed by 4 or more members that a meeting of the Board be convened for a purpose specified in the request, the Chairperson must, within 7 days after receiving the request, convene a meeting for that purpose.

(4)  The meetings of the Board must be held in accordance with the provisions of this Act and Part 4 of the Public Sector (Governance) Act 2018.

Quorum

23.—(1)  The quorum is the higher of the following:

(a) one‑third of the number of members of the Board;

(b) 5 members of the Board.

(2)  No business may be transacted at a meeting of the Board if a quorum is not present.

Presiding at meetings

24.—(1)  At a meeting of the Board, the following person presides:

(a) the Chairperson;

(b) in the absence of the Chairperson, or if the Chairperson is interested in the matter (within the meaning given by Part 4 of the Public Sector (Governance) Act 2018), and there is a Deputy Chairperson who is present and is not interested in the matter (within the meaning given by Part 4 of that Act) — the Deputy Chairperson;

(c) in any other case, a member of the Board elected from among the members present at the meeting to preside.

(2)  The person specified in subsection (1)(b) or (c) may perform the functions and exercise the powers of the Chairperson for the purposes of the meeting.

Voting at meetings

25.—(1)  Each member of the Board has one vote.

(2)  In addition to his or her general vote, the member presiding at a meeting has, in the case of an equality of votes, a casting vote.

(3)  A resolution of the Board is passed if it is agreed to by all members present without dissent, or if a majority of the votes cast on it by members present and voting are in favour of it.

(4)  A member present at a meeting of the Board is presumed to have agreed to, and to have cast a vote in favour of, a decision of the Board unless the member expressly dissents from or votes against the decision at the meeting or is prevented from voting by section 26 of the Public Sector (Governance) Act 2018.

Execution of documents

26.—(1)  The Board must have a seal that is to be kept and used as authorised by the Board.

(2)  A document is duly executed by the Board if —

(a) the seal of the Board is affixed to the document in the presence of one of its members who must sign the document to attest that the seal was so affixed, and the document is signed by —

(i) any 2 members generally or specially authorised by the Board for the purpose; or

(ii) one member and the Chief Executive; or

(b) the document is signed on behalf of the Board by a person or persons authorised to do so by the Board and in accordance with the terms of that authorisation.

(3)  Where a document is to be executed under seal, the Board may authorise one or more of its officers to execute, on the Board’s behalf, the document under the Board’s seal in accordance with the terms of that authorisation.

(4)  A document purporting to be executed in accordance with this section is presumed to be duly executed until the contrary is shown.

(5)  All courts, judges and persons acting judicially are to take judicial notice of the imprint of the seal appearing on a document.

(6)  When a document is produced bearing a seal purporting to be the seal of the Board, it is presumed that the seal is the seal of the Board until the contrary is shown.

Appointment of committees

27.—(1)  The Board may appoint such number of committees as the Board thinks fit for purposes which, in the opinion of the Board, would be better regulated and managed by means of such committees.

(2)  A committee appointed under this section may consist of such individuals as the Board thinks fit, and may include individuals who are not members of the Board.

(3)  Without limiting subsection (1), the Board may appoint committees —

(a) to advise the Board on matters relating to the Board’s functions and powers that are referred to the committee by the Board; and

(b) to perform any function or exercise any power of the Board that is delegated to the committee.

(4)  Section 17 applies to a committee, and to committee members or individuals purporting to be committee members, with the necessary modifications.

Proceedings of committees

28.  Subject to this Act, the Public Sector (Governance) Act 2018 and any restrictions by the Board, a committee may regulate its own proceedings and business.

Ability to delegate

29.—(1)  The Board may delegate any of its functions or powers, either generally or specially and subject to such conditions or restriction as the Board thinks fit, to any of the following persons:

(a) a member of the Board;

(b) the Chief Executive or an officer of the Board;

(c) a committee of the Board;

(d) a company that is incorporated in Singapore and is a subsidiary of the Board.

(2)  A delegation under subsection (1) must be by written notice given to the delegate.

(3)  Subsection (1) does not apply to —

(a) the power to make subsidiary legislation conferred by this Act or any other Act;

(b) the power to delegate conferred by this section; or

(c) any function or power under this Act or any other Act that is declared by this Act or that other Act to be non‑delegable.

(4)  A delegation in accordance with this section —

(a) except as otherwise provided in this Act or any other Act administered by the Board, does not affect or prevent the performance of any function or the exercise of any power by the Board;

(b) is not affected by any change in the membership of the Board;

(c) is not affected by any change in the membership of a committee (where the committee is the delegate), so long as the committee includes at least one member of the Board; and

(d) is not affected by any change in the individual appointed as the Chief Executive or holding any specified office in the Board (where the delegate is the Chief Executive or the holder of the specified office).

(5)  For the purposes of subsection (1)(d), a company is a subsidiary of the Board if —

(a) the Board is the sole member of that company; or

(b) the Board, as a member of that company, holds more than half of the voting power in that company.

Validity of delegate’s acts, etc.

30.  A delegate who purports to perform a function or exercise a power under delegation —

(a) is taken to do so in accordance with the terms of the delegation under section 29, unless the contrary is shown; and

(b) must produce evidence of the delegation, if reasonably required to do so.

PART 5

PERSONNEL MATTERS

Chief Executive

31.—(1)  There must be a Chief Executive, whose appointment, removal, discipline and promotion must be in accordance with the Public Sector (Governance) Act 2018.

(2)  The Board may, subject to the Public Sector (Governance) Act 2018, appoint an individual to act temporarily as the Chief Executive during any period, or during all periods, when the Chief Executive —

(a) is absent from duty or from Singapore; or

(b) is, for any reason, unable to perform the duties of the office.

Officers, etc.

32.  The Board may, subject to the Public Sector (Governance) Act 2018, appoint and employ, on the terms and conditions determined by the Board, any other officers, consultants and agents as may be necessary for the effective performance of its functions.

Inspectors

33.  The Board may appoint such number of inspectors as may be necessary to assist the Board in carrying out its functions or in exercising its powers under this Act, and for this purpose, the Board may assign to the inspectors any duties not inconsistent with the provisions of this Act as the Board thinks fit.

Preservation of secrecy

34.—(1)  A member of the Board, the Chief Executive, or an officer, inspector, agent or committee member of the Board, who has information in his or her capacity as such that would not otherwise be available to him or her, must not disclose that information to any person except —

(a) in the performance of the Board’s functions;

(b) with the prior authorisation from the Board to do so;

(c) for the purposes of any investigations or proceedings for an offence under this Act, or any report of those proceedings;

(d) as required by an order of court or required or allowed by or under any written law; or

(e) in complying with the requirements in the Public Sector (Governance) Act 2018 for members of the Board or committee members to disclose interests.

(2)  Any person who, without reasonable excuse, contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 or to imprisonment for a term not exceeding 12 months or to both.

Protection from liability

35.—(1)  No liability shall lie against the Chief Executive, any member, officer, inspector, agent, or committee member, of the Board or any other person acting under the direction of the Board, who, acting in good faith and with reasonable care, does or omits to do anything in —

(a) the performance or purported performance of any function of the Board; or

(b) the exercise or purported exercise of any power of the Board.

(2)  No liability shall lie against the Government or the Board by reason of the fact that —

(a) a product or process conforms or is alleged to conform to a Singapore Standard; or

(b) an accreditation mark or a certification mark is used in connection with, in respect of or in relation to, a product or process.

PART 6

FINANCIAL PROVISIONS

Financial year

36.  The financial year of the Board begins on 1 April of each year and ends on 31 March of the succeeding year.

Revenue and property of Board

37.—(1)  The funds and property of the Board include —

(a) all moneys paid to the Board by way of grants, subsidies, donations, gifts and contributions for the purposes of the Board;

(b) all moneys paid to, and all other moneys and property lawfully received by, the Board for the purposes of the Board;

(c) all fees, charges and other sums payable to the Board under this Act or any other written law administered by the Board;

(d) all moneys, dividends, royalties, interest or income received from any transaction made under the powers of the Board under this Act or any other written law administered by the Board;

(e) all moneys borrowed by the Board under this Act;

(f) the levies collected under section 38;

(g) the Singapore Rubber Fund; and

(h) all accumulations of income derived from any property or money mentioned in paragraphs (a) to (g).

(2)  The moneys of the Board are to be applied only in payment of expenses incurred by the Board in the discharge of its functions, obligations and liabilities, and in making any payment that the Board is authorised or required to make.

Levy in respect of export of goods

38.—(1)  The Board may, with the approval of the Minister, by order in the Gazette, impose a levy on the export of such goods as may be specified in the order.

(2)  Any order made under subsection (1) may provide for —

(a) different rates of levy in respect of the export of different goods;

(b) the recovery of the levy by the Board in such manner and through such channels as may be specified in the order; or

(c) the exemption of any person or class of persons from the payment of the levy.

(3)  The levy collected under this section must be paid to the Board.

Singapore Rubber Fund

39.—(1)  The Singapore Rubber Fund must be administered by the Board in accordance with this Act.

(2)  The Singapore Rubber Fund may, subject to any direction of the Minister under section 7(1), be used for the following purposes:

(a) the promotion, development, regulation and maintenance of the commodity trade and industry, including the commodity futures market in Singapore;

(b) the payment of the Board’s expenses necessary for the participation in international natural rubber organisations and agreements established under these organisations;

(c) the discharge of any outstanding liability incurred by the former Rubber Association of Singapore and transferred to the Board;

(d) for the purposes provided in and generally for carrying into effect the Rubber Industry Act 1992 and for the discharge of any liability arising as a result of the exercise of the functions and duties under that Act;

(e) any other purposes that are incidental or expedient for the purposes of the Singapore Rubber Fund.

Bank accounts

40.—(1)  The Board must open and maintain one or more accounts with such bank or banks as the Board thinks fit.

(2)  Every account under subsection (1) may only be operated by a person authorised to do so by the Board.

Power of investment

41.  The Board may invest its moneys in accordance with the standard investment power of statutory bodies as defined in section 33A of the Interpretation Act 1965.

Grants

42.  For the purpose of enabling the Board to carry out its functions, the Minister may make grants to the Board of such sums of money as the Minister may determine out of money to be provided by Parliament.

Power to borrow

43.—(1)  The Board cannot raise loans for the performance of its functions except in accordance with this section.

(2)  Subject to subsection (3), the Board may raise loans by —

(a) mortgage, overdraft or other means, with or without security;

(b) charge, whether legal or equitable, on any property vested in the Board or on any other revenue receivable by the Board under this Act or any other written law; or

(c) the creation and issue of debentures or bonds, or such other instrument as the Minister may approve.

(3)  The Board may —

(a) raise loans under subsection (2) from the Government;

(b) obtain a credit facility for the purchase of goods or services mentioned in subsection (4) from a bank or financial institution, whether in or outside Singapore; or

(c) with the approval of the Minister, raise a loan or obtain a credit facility from any other source, whether in or outside Singapore.

(4)  For the purposes of this section, the power to raise loans includes the power to enter into any financial agreement or arrangement under which credit facilities are granted to the Board for the purchase of goods or services.

Issue of shares, etc.

44.  As a consequence of —

(a) the vesting of any property, right or liability in the Board under this Act; or

(b) any capital injection or other investment by the Government in the Board in accordance with any other written law,

the Board must issue such shares or other securities to the Minister charged with the responsibility for finance as that Minister may direct.